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I.R.C. §6331

An IRS levy is the legal seizure of a taxpayer’s property to satisfy his or her tax debt. The IRS may garnish wages, seize and sell real and personal property, and take money in any bank or financial account under the legal authority of a levy, which is given to the IRS in I.R.C. § 6331. The IRS may levy any property owned by a taxpayer, or on which there is a Federal tax lien, unless the property is exempt from levy.

A tax or IRS levy is an administrative action by the IRS under its statutory authority to legally seize property to satisfy a tax debt. This is in contrast to a lien which is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax liability. Obviously, an IRS levy is a frightening proposition to most, if not all, taxpayers.